The current price of Brent crude is $100 per barrel, $10 higher compared to recent lows near $90. Analysts at Credit Suisse see Brent trading in a range around this level for most of the year, with an averaging of $95 in fourth quarter of 2012.

A recover in Brent crude, if it happens, will likely take place in 2013. By the end of next year, Credit Suisse sees Brent trading higher by approximately $5, with an average price of $105.

United States Brent Oil ETF (NYSE: BNO) was higher by 2.7 percent on Wednesday. United States Oil (NYSE: USO) and iPath S&P GSCI Crude Oil TR Index ETN (NYSE: OIL) were high by a similar percentage, as both Brent oil and WTI saw gains.